City of Grand Prairie - File #: 20-10347

• File #: 20-10347
• Version: 1
• Name: 2020 TAX RATE
• Type: Ordinance
• Status: Adopted
• File created: 9/1/2020
• In control: City Council
• On agenda: 9/15/2020
• Final action: 9/15/2020
• Title: Ordinance adopting and levying the ad valorem tax for the Fiscal Year (FY) 2020/2021 at a rate of $.669998 per $100 of assessed value on all taxable property within the corporate limits of the city on January 1, 2020, not exempt by law; providing revenues for payment of current municipal expenses for interest and sinking fund on outstanding City of Grand Prairie debt; providing for enforcement of collections; providing for a severability clause; and providing an effective date

Date	Ver.	Action By	Action	Result
9/15/2020	1	City Council	Adopted	Pass

From
Brady Olsen

Title
Ordinance adopting and levying the ad valorem tax for the Fiscal Year (FY) 2020/2021 at a rate of $.669998 per $100 of assessed value on all taxable property within the corporate limits of the city on January 1, 2020, not exempt by law; providing revenues for payment of current municipal expenses for interest and sinking fund on outstanding City of Grand Prairie debt; providing for enforcement of collections; providing for a severability clause; and providing an effective date

Presenter
Brady Olsen, Treasury and Debt Manager

Recommended Action
Approve

Analysis
The proposed rate of $0.669998 per $100 valuation significantly funds the FY 2020/2021 balanced budget, and it has not changed from the current rate. This year's proposed tax rate does not exceed the no-new-revenue rate. The vote on the ordinance, resolution, or order setting the tax rate must be a record vote. A motion to adopt the ordinance does not require any specific language.

Financial Consideration
Property taxes will be allocated to the General Fund and Debt Service (I&S) Fund based on their respective components of $0.460638 and $0.209360 per $100 valuation.

Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, ADOPTING AND LEVYING THE AD VALOREM TAX OF THE CITY OF GRAND PRAIRIE, TEXAS FOR THE FISCAL YEAR 2020/2021, ON ALL TAXABLE PROPERTY WITHIN THE CORPORATE LIMITS OF THE CITY ON JANUARY 1, 2020, NOT EXEMPT BY LAW; PROVIDING REVENUES FOR PAYMENT OF CURRENT MUNICIPAL EXPENSES, AND FOR DEBT SERVICE ON OUTSTANDING CITY OF GRAND PRAIRIE DEBT; PROVIDING FOR A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE

WHEREAS, the City Council deems it in the public interest to adopt a tax rate for the Fiscal Year 2020/2021;

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:

SECTION 1. THAT by authority of the Charter of the City of Grand Prairie, Texas, and the Laws of the State of Texas, there is hereby levied for the FY ...